Towne Bank (TOWN) to Issue Quarterly Dividend of $0.27 on January 7th

Towne Bank (NASDAQ:TOWN) announced a quarterly dividend on Wednesday, November 26th. Stockholders of record on Friday, December 26th will be given a dividend of 0.27 per share by the bank on Wednesday, January 7th. This represents a c) annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, December 26th.

Towne Bank has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 13 years. Towne Bank has a payout ratio of 31.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Towne Bank to earn $3.35 per share next year, which means the company should continue to be able to cover its $1.08 annual dividend with an expected future payout ratio of 32.2%.

Towne Bank Stock Down 1.2%

TOWN opened at $34.23 on Wednesday. The company has a 50 day moving average of $33.64 and a 200 day moving average of $34.69. The company has a market cap of $2.57 billion, a PE ratio of 15.28 and a beta of 0.79. Towne Bank has a 12 month low of $29.43 and a 12 month high of $38.01. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.02.

Towne Bank (NASDAQ:TOWN) last issued its earnings results on Wednesday, October 22nd. The bank reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.08. The business had revenue of $215.67 million for the quarter, compared to analysts’ expectations of $222.28 million. Towne Bank had a net margin of 15.69% and a return on equity of 9.64%. During the same quarter in the previous year, the firm posted $0.58 EPS. On average, sell-side analysts expect that Towne Bank will post 2.6 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Wall Street Zen raised Towne Bank from a “sell” rating to a “hold” rating in a report on Sunday, October 26th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Towne Bank in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Towne Bank has a consensus rating of “Moderate Buy” and a consensus target price of $41.00.

Towne Bank Company Profile

TowneBank is a Virginia?based financial services company organized as a bank holding company. Its primary subsidiary, TowneBank, operates a network of community banking offices and mortgage production facilities. The company offers a comprehensive range of commercial and consumer banking solutions, including deposit accounts, lending products, treasury management, and private banking services tailored to individuals, small businesses, and middle?market corporations.

In addition to traditional banking, TowneBank provides specialty services through affiliated subsidiaries.